A Laguna Beach man federal authorities have described as a “serial con artist” pleaded guilty Wednesday to running three investment fraud schemes, admitting he stole a combined $6.8 million from investors across the country.
Under the terms of his plea agreement, Peter Heinrich Conrad Reinert, 63, admitted to a federal wire fraud charge, and agreed to forfeit $300,000 seized by the FBI, along with a 2009 Mercedes Benz S63 AMG and a 2011 Mercedes Benz, according to the U.S. Attorney’s Office.
In one scheme, Reinert through an Irvine-based company he ran named Fazer Technologies claimed to be developing a product that could increase gas mileage for any vehicle up to 150 miles per gallon.
In a second scheme, Reinert through a company named Global Encryption Imaging Corporation claimed to be developing anti-counterfeiting technology that could be used with state-issued identification.
In the third scam, Reinert claimed another company he ran named Income from Waste Corporation was building technology that could be used to convert used tires into oil.
As part of the various schemes, prosecutors said, Reinert pretended to be a United States Secret Service agent and a United States Marine, and claimed that companies such as Tesla and General Electric were interested in his promised products. According to the U.S. Attorney’s Office, Reinert falsely told some investors that Tesla had “stolen” his non-existent technology and used it in their vehicles.
None of the $6.8 million that Reinert raised from investors around the nation – including farmers in Missouri – actually went toward the promised technology, prosecutors said.
Instead, prosecutors allege, Reinert used the money for his own personal use, including buying luxury automobiles, sales commisions and wire transfers to an account he kept in Poland.
Under the terms of the plea deal, Reinert faces up to 20 years in federal prison. He is scheduled to return to court for sentencing on June 8.
